This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 79 cents to $70.03 on the New York Merc, while Brent for February added 86 cents to $73.49 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, down from a discount of $12.30. Natural gas for January shot up 29 cents to $3.94. The TSX energy index added 2.15 points to close at 261.13.

Despite markets closing early for Christmas Eve, it was a surprisingly newsy day in the oil patch. Oil sands producer Greenfire Resources Ltd. (GFR) added $1.19 to $10.09 on 43,700 shares, as it dipped its head in surrender to a powerful dissident. Almost all of Greenfire's directors are stepping down in favour of the dissident's nominees. Greenfire has also scrapped the poison pill that it had swallowed to try to fend off this very scenario.

All in all, this is a complete conquest for Adam Waterous's Waterous Energy Fund (WEF), which set its sights on Greenfire three months ago. It first acquired a 43-per-cent interest in Greenfire (over the company's protests) and followed this up in November by demanding a shareholder meeting to replace the entire board with its own six nominees (as discussed Nov. 21). Initially gearing up for a fight at this meeting on May 6, Greenfire has now capitulated and added all six nominees to its board, while three incumbent directors exit with immediate effect. A fourth will leave at the May 6 meeting. Only the newest incumbent director (Tom Ebbern, discussed Dec. 9) will hang on to his seat. Mr. Waterous himself is Greenfire's new chairman.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS